Everest Fleet Secures $20 Million Funding; Eyes Expanding EV Fleet To 10,000 By 2026

Fleet management firm, Everest Fleet announced that it has completed a funding round of US$20 million including from Uber. Everest says that the funding will allow Everest Fleet to expand its operations and increase the supply of vehicles available for the ridesharing industry to cater to growing demand.

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Commenting on the announcement, Siddharth Ladsariya, Cofounder, Everest Fleet said, “This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next 5 years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet.”

Everest syas that it currently employs over 10,000 drivers across seven cities in India. The company says that the latest investment will allow it to grow its presence in other cities across India with an expansion into some global markets also under consideration.

Commenting on the investment, Prabhjeet Singh, President, Uber India and South Asia said, “Helping drivers get easy access to vehicles is a key priority for Uber and this investment will unlock earning opportunities for tens of thousands of drivers across India.”

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Uber alongside Indian ride-hailing firm Ola have both partnered with Everest in recent years with the latter supplying cars for use by the two aggregators across multiple cities such as Mumbai, Delhi, Bangalore, Hyderabad, Chennai and Kolkata.